IKEA is a multinational conglomerate founded in Sweden in 1943 by Ingvar Kamprad. The company designs and sells ready-to-assemble furniture, home goods, and related services. The brand name is an acronym comprising the founder's initials and the farm and village where he grew up: Ingvar Kamprad, Elmtaryd, and Agunnaryd. Starting as a mail-order business selling various household items, IKEA shifted its focus to furniture in 1948. The first IKEA store opened in 1958 in Älmhult, Sweden. As of April 2025, IKEA has 504 stores operating in 63 countries.
IKEA is known for its modern furniture designs, affordable pricing, and a shopping experience centered around decorated room settings in large stores. Key figures include Juvencio Maeztu, who will assume the role of CEO of Ingka Group on November 5, 2025, succeeding Jesper Brodin. Brodin, who served as CEO for eight years, will remain with the company until February 2026 and then act as a senior advisor to the IKEA Foundation. IKEA's recent activities include store openings in new markets, such as South America, and a focus on sustainability initiatives, including using renewable or recycled materials. IKEA has launched virtual products on Roblox, testing new experiences in the "Welcome to Bloxburg" life-simulation game. Iconic IKEA products include the BILLY bookcase, KLIPPAN sofa, and LACK table. In fiscal year 2024, IKEA reported €45.1 billion in sales.